Sonata Software arm to buy entire stake in US-based Quant Systems
1 min read . Updated: 23 Feb 2023, 02:30 PM IST
Premium- Sonata Software will make an upfront cash payment of $65 million, and up to $95 million over the next two years. There will additional payments on achievement of specified targets
Mumbai: Sonata Software North America Inc, a wholly-owned subsidiary of Sonata Software Ltd, has agreed to acquire Texas-based IT services company, Quant Systems Inc.
Sonata Software will make an upfront cash payment of $65 million, and up to $95 million over the next two years. There will additional payments on achievement of specified targets.
The acquisition is expected to be completed within the next 30 days.
Shares of Sonata Software surged 6% on Thursday following news of the acquisition. At about 1316pm, shares of Sonata Software were 4.56% higher at 722.20 apiece on the National Stock Exchange.
The move is in line with Sonata Softwares strategy to accelerate growth and scale. It will strengthen Sonata's capabilities in enterprise data analytics, cloud modernisation, cyber security, salesforce, data privacy, adobe, and digital & mobile app solutions, as well as differentiated IPs for salesforce (workbox.io) and chatbot technologies (Lisa).
It will broaden the company's domain expertise in areas such as banking and finance, healthcare and life sciences, consumer/retail, and others.
It has a strong leadership team with extensive experience and a proven track record in client services and technological innovation in areas such as digital transformation, enterprise data, salesforce, data privacy, Snowflake, and Adobe, the company said.
“We aim to be the fastest-growing next-gen digital firm delivering modernisation & digital outcomes for enterprises through our Platformation Framework. To achieve this vision, we have outlined some key strategic drivers to build scale through service offering expansion in modernisation, invest in BFSI and healthcare & life sciences verticals, and build global centres. Quant Systems aligns to our strategic drivers and will enable us to win larger deals in our focus-verticals and adds two large clients to our top 5 clients list," said Samir Dhir, managing director and chief executive, Sonata Software.